If you want to see the color change after you exit the field, then this can easily be done with a series of conditional formats. You'd create one for each color.
Self = "Blue"
Would be the expression for the first value and you'd then select a light blue fill color. You won't see this color in the list of values that drop down, it'll appear in the field after you exit.
This turned out to be too easy. Thanks for the reply. Jd